All Forum Posts by: Fred Stevenson

@Rob Beland Thanks so much for the information.  I really appreciate it. 

Anyone have any thoughts on my two posts?

I'm also wondering if this would effect my ability to refinance the rental property down the road if the title is in my LLC's name, but the loan is in my name? Thanks

Hey everyone, I was just about to post on this subject and then I saw that this forum had already been created. I just purchased three rental properties and financed them in my personal name. My plan was to use a quit claim or capital contribution to transfer the title into my LLC. However, one of the title companies just sent me this message.

"I was going to tell you that since the loan is in your personal name, the property needs to remain in your personal name as well. Otherwise, you have an outstanding debt with your lender under your individual name but would not actually own the property individually. For legal purpose, title and mortgage needs to remain in the same name.

So, unless you are going to pay off that mortgage with your lender, title needs to remain the same.

I would not advise it….as by doing this, you are mixing personal and business owned property/assets. Your business would own this property, but you would be individually/personally be responsible for the debt. Also, during foreclosure or bankruptcy,  both sides could become liable."

Now I'm not sure if transferring the title into my LLC is such a good idea. The loan officer said he has no problem with it, but the bank he represents is going to sell my loan to Wells Fargo, so they may have an issue with it. Any advice would be appreciated.

I haven't found that it is very reliable for comps either. 

I did make a purchase with Jay, and received my first rent check last month.  The property that I purchased did have equity built in based on the comps I received.  It is paying 950 in monthly rent with a 75k purchase price.  So far he's been extremely responsive, helpful and the numbers on the pro-forma are coming in exactly as promised. 

Hey Mark, 

I just put a contract on a property handle by Will Holly.  I've spoken with him several times, and I am very impressed.  I have a really good article about him I can send you if you email me.  My email address is [email protected]

Thank you for your reply

Thanks for the reply.  Pretty much common sense. I feel like an idiot now.